Stellar Lumens [XLM] and Dash to be supported on BitGo blockchain security platform

2018-10-07

Recently, California-based blockchain security company, BitGo announced their support for two major players in the cryptocurrency market, Dash and Stellar Lumens.

The Founder and CEO of BitGo, Mike Belshe stated that both the platforms offer advancement in payments. He added that Dash has been focusing on offering instant payments and one of their unique features is that the privacy payments can be accessed through their platform. He also spoke about Stellar Lumens [XLM] and how the platform had been contributing towards tokenization. He added:

“They have been focusing on the global payments for consumers which is a little bit different than what Bitcoin does”

BitGo, with the help of its custody product, supports 85 cryptocurrencies in the market, including Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], and Zcash [ZEC]. According to Fortune, BitGo announced that it will be supporting Lumens in a couple of weeks. The company had recently introduced BitGo Trust, which is a qualified custodian for digital assets approved by the financial regulators of South Dakota.

Mike stated that BitGo does not use its platform for trading but provides custodianship and securities. He added:

“In our view custodianship has been the missing piece in the infrastructure of digital currency”

He also spoke about the difference in the custody solutions offered by BitGo and other platforms. He said that exchanges are usually focused on retail investors, where they focus on signing up a hundred thousand users a day and the problem with this is that they have a very small team working behind the security. BitGo, on the other hand, has a fully dedicated research and development team whose sole purpose is to provide security to any company in the world.

BitGo had recently become one of the first cryptocurrency companies to offer custody solutions, especially for cryptocurrencies. The company has also agreed to open itself to audits, start the common scheme of ‘Know Your Customer’ and also reveal the company books on a monthly basis.